UANI Applauds Grant Thornton, RSM, Crowe Horwath for Ending Business in Iran


April 26, 2013

Contact: Nathan Carleton, [email protected] 

Phone: (212) 554-3296


UANI Applauds Grant Thornton, RSM, Crowe Horwath for Ending Business in Iran

Accounting Campaign Successful; All Three Firms Contacted by UANI Pull Out of Iran 


New York, NY - On Friday, United Against Nuclear Iran (UANI) announced that all three firms targeted in its Accounting Campaign--Grant Thornton, RSM, and Crowe Horwath--have ended their business in Iran.


UANI is pleased to announce that Grant Thornton, a prominent U.K.-based global accounting network, has this month taken the responsible action of terminating its relationship with the Iranian firm Rymand & Co. In discussions with UANI, Grant Thornton pledged that it will do no future business in Iran until the Iranian regime stops sponsoring terrorists and ends its pursuit of nuclear weapons.


Said Ed Nusbaum, CEO of Grant Thornton International, in a statement to UANI:


We appreciate UANI bringing the issue to our attention and support them in their mission.


Said UANI CEO, Ambassador Mark D. Wallace:


We applaud Grant Thornton for ending its business in Iran. Grant Thornton contacted us immediately after the launch of our campaign, and made it clear that it wanted to do the right thing and end any Iran exposure. We are proud to have worked with Mr. Nusbaum and Grant Thornton on this matter, and thank Grant Thornton for its responsible action.


UANI has also received positive responses from the U.K.'s RSM and the U.S.'s Crowe Horwath. Both stated that they would end their relationships with their respective partner Iranian firms, Dayarayan Auditing & Financial Services and Hoshiyar/Behmand & Co.


RSM informed UANI that it "has, in the circumstances, agreed with Dayarayan that the existing relationship will end on 30 April."


Crowe Horwath stated that it "has commenced the process of terminating its relationship with the Hoshiyar firm in accordance with the terms of our network's by-laws and agreement of association."


Said Ambassador Wallace:


We also applaud RSM and Crowe Horwath for ending their Iran exposure, and we will list them as withdrawn from the country. The success of this campaign underscores the fiduciary risks of doing business in Iran. If Iran is too risky for the world's leading accounting firms, then all businesses have a duty to disclose any and all Iran work to shareholders, investors, and regulators -- and make plans to leave. Anything less is irresponsible and a failure to disclose material information under relevant law.


UANI launched the Accounting Campaign last month, highlighting the practices of international accounting networks and associations that maintain member or correspondent firms in Iran. The campaign has been reported by the Daily Telegraph and Minneapolis / St. Paul Business Journal.


UANI publicly called on Grant Thornton to leave Iran on March 25, made the same call to RSM on March 27, and to Crowe Horwath on April 1.


The campaign is an extension of UANI's successful 2010 campaign towards three of the "Big Four" accounting firms reportedly active Iran. In response to UANI's campaign, KPMG severed ties with its Iranian member firm, and PricewaterhouseCoopers and Ernst & Young informed UANI that they had previously discontinued business relationships in Iran.


Click here to read UANI's letter to Grant Thornton.

Click here to read UANI's letter to RSM.

Click here to read UANI's letter to Crowe Horwath.

Click here to learn more about UANI's Accounting Campaign.